After you have closed the Year – REMEMBER the following:
- For the year that you just closed, you can re-open the last period IF you need to post adjusting entries. These entries will automatically update the beginning balance accounts and retained earnings.
- If you accidentally had an account set to be a Balance Sheet account, and it should have been a P&L account (or other such accident), the year-end close can be reversed.
- We see a number of support cases each year regarding Posting Types (Balance Sheet or Profit & Loss) not being set correctly before the year-end close takes place. Try to make time to review your general ledger account types beforehand so as to avoid incorrect balance or retained earnings accounts.
**Remember, in GP, you can post back one historical year, and GP will update the correct accounts for you.
If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips! And if you missed the first five tips, you can catch them here: